This rise in transport fuel prices comes as crude oil prices continue to gain. On Thursday, brent crude oil edged close to $80 per barrel and is currently over $79 per barrel.

Prices of transport fuels are now changed on a daily basis, unlike the previous norm of fortnightly revisions.

However, the Indian Oil Corporation had suspended the dynamic pricing system for 19 days, "to avoid creating unnecessary panic among the consumers", until resuming it on Monday, May 14.

In addition, the high rate of excise duty has also contributed to the rise in prices.

In the Union Budget 2018-19, the government had reduced the basic excise duty on petrol and diesel by Rs 2. The government also abolished additional excise duty on fuel. But to compensate the move on the fiscal front, it increased the road cess to Rs 8 per litre.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

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